Another retirement question

[Bob-WY]

Just got the green light from financial advisor to call it a career at 58 in June. Company will extend family medical til Medicare kicks in for about $500 month.

Only worry now is boredom next summer when I don't have to work for the first time in 35+ years

 

[longbow51]

Only worry now is boredom next summer when I don't have to work for the first time in 35+ years

Don't they have fish where you live?

 

[hank4elk]

You could sit on the couch & watch elk. Very time consuming.

Just got the green light from financial advisor to call it a career at 58 in June. Company will extend family medical til Medicare kicks in for about $500 month.

Only worry now is boredom next summer when I don't have to work for the first time in 35+ years

You can always sit on the couch & watch elk. Very time consuming.

 

[ThatSAABGuy]

Self employed here and at 63 wondering how things will work out. Business is the nest egg and selling it in the current market is sketchy. Lost value in the retirement accounts twice over the years. If you're around the 40 year old mark and reading this thread an important thing to think about is your term life insurance, mine terminates this year and we have found that renewing and other carriers plans are so outrageously expensive that I wish I would have taken it out to 70-75 years old. Think of spending less than $50 per month for $500,000 of coverage then getting shocked with $500-$600 per month with half the coverage and it's worse if you gain some health issues along the way. I'm not losing sleep, but did't expect the stress either.

 

[VikingsGuy]

Self employed here and at 63 wondering how things will work out. Business is the nest egg and selling it in the current market is sketchy. Lost value in the retirement accounts twice over the years. If you're around the 40 year old mark and reading this thread an important thing to think about is your term life insurance, mine terminates this year and we have found that renewing and other carriers plans are so outrageously expensive that I wish I would have taken it out to 70-75 years old. Think of spending less than $50 per month for $500,000 of coverage then getting shocked with $500-$600 per month with half the coverage and it's worse if you gain some health issues along the way. I'm not losing sleep, but did't expect the stress either.

To each their own, but term life insurance is meant as income replacement so typically unneeded in retirement. To get to 75 you would have spent $250 a month all those years instead of the $50 (to use your example numbers). About the only time I see folks using term life insurance after retirement is when they choose non-survivor pensions/socsec. payouts and buy equal value life insurance and pocket the difference.

So buy term life insurance during your working years as income replacement protection only, and invest the difference in products with better returns. 7x or 10x income are common rules of thumb.

 

[Allenkoz]

Not sure this has been covered and maybe I'm delusional in thinking I can get a answer. It seems that every financial planner has a different idea of the amount you need to retire. I've heard anywhere from 1mill-3mill. I was talking to a gentleman the other day who said his wife and him retired on $300k and still do a little traveling. So I'm a little confused and I realize everyone is going to be different in what is "comfortable retirement" for them. Maybe this is also too personal to ask as well??? Anyway just curious what you are seeing as retirees as far as how much you need to have saved by the time you call it quits?. I am self employed and would have no debt when the time comes. In my mind I would think I could live comfortably on $60K a year the wife thinks higher . Anyway just curious to see if some of you are doing fine without having this nest egg of 1mill-3mill or if that really is what you need? Also someone posted on another question that they wouldn't ask advice on a hunting forum. While there are some I'm sure I would steer clear of I'm convinced there are some very successful folks lurking here. Anyway light me up

It depends on how much debt you have and what your lifestyle will require. You should sit down with a financial planner- you will have a much better idea after that. As for me, I hope to have $3 Mil or more before I call it quits.

 

[Cammy]

I turn 57 this year and am retired military. Spent 2 years goofing off after military and took a job with the current company for the summer. 14 years later I am the VP and have given notice. I and my wife do not have the worries that others here have shared regarding healthcare as we are covered through TriCare. I have spent the last 10 years plowing as much money as possible into the 401k and paying off debt. The only reason I have stayed here is to get as much as I can saved for later. We have been debt free since 2017 and have splurged on a couple of toy purchases that we know we will enjoy when we retire.
As for how much you need to have saved? We will make due with under $300k in investments that we do not plan on touching for the next 5-7 years. We grow a garden and like everyone here, hunt to keep meat in the freezer and fish as much as we can. We don't see it as living cheap as we love to do it.